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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Mt. Gox Payout Deadline Postponed Again, Next Bitcoin Price Dump In 2023?

Jake Simmons
Jake Simmons
1 year ago
2 mins read

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One concern for Bitcoin investors has taken a back seat in recent weeks and months amid macroeconomic headwinds and crypto-intrinsic contagion effects: the release of recovered BTC from Mt Gox. Originally, users of what was once the largest Bitcoin exchange were supposed to file their claims by January 10, 2023. Shortly after that, payouts were to begin, according to an October statement.

However, the deadline has already been pushed back countless times. And as a document released today by rehabilitation trustee Nobuaki Kobayashi shows, Mt. Gox claimants will have to continue to be patient. The deadline for repayment method selection and registration is postponed from January 10, 2023, to March 10, 2023 (Japan time) to “take into account various circumstances, such as the progress of rehabilitation creditors in terms of selection and registration.”

The document goes on to say that after that date, Kobayashi will begin confirming registrations “in order to make the repayment as soon as possible after March 10, 2023.” Following this change, Kobayashi has also changed the base repayment deadline, early lump-sum repayment deadline, and intermediate repayment deadline from July 31, 2023, to September 30, 2023.

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Is The Bitcoin Price Facing A Price Dump?

According to the rehabilitation plan, victims of the Mt. Gox hack will be reimbursed a total of 141,686 Bitcoin (BTC), the equivalent of about $2.37 billion. Because of that, concerns about a massive price drop have been circulating in the crypto space for some time. The question is whether the Mt. Gox Bitcoin situation will push the price into heavy losses once again.

However, looking at the facts, this does not seem very likely. There is a lot of false information circulating on Twitter. But the fact is that Bitcoin will not be dumped on the market all at once.

Not all of Mt. Gox’s customers are likely to sell their Bitcoins, although customers may enjoy enormously high returns by already holding them involuntarily. Moreover, Kobayashi will not release all Bitcoins at once, rather the whole process will take several months – from March to the end of September according to the current schedule.

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And even if a large portion of BTC is dumped, it is very likely that the market can easily handle the additional liquidity. The impact is likely to be small, as the daily trading volume would still be enough to cushion the selling, even at the historic low of around $15 billion.

Bitcoin Price Today

At press time, BTC was trading at $16,739 and struggling with support at $16,740. Ideally, the Bitcoin price needs to hold above $16,600 to avoid a slide below $16,000 and maintain upside momentum. If this is successful, a move to the upside towards $17,000 could be possible, where the next key resistance is waiting.

Bitcoin price
Bitcoin price (BTC/USD), 1-hour chart
Featured image from Zipmex, Chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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